- Ethereum is battling for a recovery towards $150 within a generally bearish cryptocurrency market.
- The support at $140 stands out preventing Ethereum from diving towards $130.
Ethereum recovery was cut short at $148 last week. The weekend session was characterized by a shallow reversal from the short term support at $142. However, the price action was confined within a narrow range ($142 – $148).
The hourly chart shows Ethereum bulls nursing wounds above the Bollinger band upper curve. The crypto asset is holding the ground above $143, at the same time, facing growing resistance from the 50 Simple Moving Average and the BB 1-hour middle curve marginally above $144. Besides, more resistance is expected a $146 and $148, respectively.
Looking at the price chart, the weak bullish momentum is supported by the Relative Strength Index. The RSI is moving upwards after containing the weekend decline above 40. As long as the indicator maintains an upward trajectory, Ripple is bound to retrace the steps towards $50. Meanwhile, sustaining gains the price above the key support is one of the ingredients that will help the bulls fight to break the barrier at $150 and $200, respectively.
ETH/USD 1-hour chart
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